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First Citizens Bank Serves as Lead Arranger on $200MM Financing for New Fortress Energy

August 30, 2023, 07:33 AM
Filed Under: Energy

First Citizens Bank's Capital Equipment Finance group, part of the CIT division, served as lead arranger on $200 million in financing for New Fortress Energy Inc.

Headquartered in New York, New Fortress Energy is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The loan supports New Fortress Energy's grid stabilization project in Puerto Rico.

"We are focused on providing important support for energy availability, grid stability and cleaner power in Puerto Rico," said Wes Edens, Chairman and CEO of New Fortress Energy. "We are pleased to work with the Capital Equipment Finance team, who provided expertise and agility in arranging financing for these generators."

"New Fortress Energy is continuing to grow their reputation for expertise in clean, reliable and affordable energy facilities," said Kevin Ronan, senior vice president and group head for the CIT Capital Equipment Finance team. "I'd like to thank both the New Fortress Energy and Capital Equipment deal teams for their diligent efforts in bringing this financing to a successful closing."

Capital Equipment Finance is a leading provider of equipment financing solutions. Working directly with middle market and large-cap businesses, the unit specializes in providing equipment loans and leases with flexible terms and rates tailored to the equipment and credit strength of the borrower.

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